§ Mr. Chapman
To ask the Secretary of State for the Environment when he expects to lay before Parliament the 1986–87 annual report and statement of accounts of the London Residuary Body; and if he will make a statement.
§ Mr. Chope
The 1986–87 "Annual Report and Statement of Accounts of the London Residuary Body" were laid before Parliament today. A copy of the Secretary of State's direction under section 78(2) of the Local Government Act 1985 as to the content and structure of the accounts has been placed in the Library of the House.
The LRB's report shows good progress by the board members and staff in discharging the functions inherited from the Greater London council at abolition. It complements the equally encouraging 1986–87 annual report and accounts of the six metropolitan residuary bodies which were published on 25 November 1987.
During the first year after abolition the LRB reduced its staff numbers by 468. These totals will continue to fall as the LRB's functions are discharged or transferred to successor bodies.
LRB's progress in identifying and disposing of a mass of surplus land and property accumulated by the GLC has already been substantial. Of the total £90 million capital receipts generated in 1986–87, over £69 million was attributable to property disposal. These significant receipts enabled LRB to distribute to the London boroughs £32 million of capital money in addition to £89 million of revenue balances left by the GLC. Taken together these cash refunds represent good news for the ratepayers of London who had previously financed the GLC.